10 Most Promising Tech Stocks According to Hedge Funds

8. QUALCOMM Incorporated (NASDAQ:QCOM)

Number of Hedge Fund Holders: 100

QUALCOMM Incorporated (NASDAQ:QCOM) is one of the most promising tech stocks according to hedge funds. The semiconductor company produces hybrid AI architecture applicable to most generative AI applications and devices including phones, laptops, XR headsets, cars, and IoT.

Speaking of AI, during the fiscal third quarter of 2024, the company launched its new chips for PCs capable of power efficiency and personalized AI experiences. The launch of these chips positions QUALCOMM as a growing intelligent computing company. In addition to that, QUALCOMM Incorporated (NASDAQ:QCOM) announced the launch of its new Networking Elite platform, capable of revolutionizing networking connectivity with Edge AI. Last week, the company also collaborated with STMicroelectronics to develop the next generation of industrial and consumer IoT solutions backed by Edge AI.

Overall, QUALCOMM Incorporated (NASDAQ:QCOM) is well-positioned to exploit the AI wave and become a market leader. As for its supposed Intel acquisition, if it comes through, the company will have access to multiple foundries, allowing it to compete with giants like Taiwan Semiconductor.

On that, Cory Johnson Futurum Group’s chief market strategist, appeared on Yahoo Finance to shed light on the possible takeover. According to Johson, the deal is one of the biggest in the history of the semiconductor industry. He adds that Intel was once the largest company in the industry, but it no longer holds that position, and adding chips into data centers has not worked out for them. He suggests that the deal will take QCOM into a new realm and position it as a contender to become a leader in the industry.